Progressive's 1Q Aided by Lower Claim Payments

Progressive’s (PGR) profit for the first quarter climbed 20% to $308.6 million, as the insurer paid out less for claims.

The company, known for its online auto insurance, said on Wednesday its earnings checked in at 51 cents a share versus $257.6 million, or 42 cents a share, in the prior-year period. Progressive benefited from $80.61 million in investment gains, up from $77.5 million.